How small real estate agencies can use their size to their advantage

One of my core beliefs is that when things run smooth, it's time for a change, time to challenge myself and my company. I need to be uncomfortable and push myself. If I don't, I know someone else out there is willing to go through that pain and solve the difficult problems in our industry. (Right now, for example, we've been going two years solving the challenges we see in the home loans space. It's a lot of back and forth, prototyping, brainstorming, and finding the right people, and clients willing to support our vision).

10 or 20 years ago, the size of your company mattered if you wanted to do things at scale. Today, all the tools are there for small teams to launch remarkable products and services in a fraction of the time. This includes real estate. While there is a lot of consolidation happening in the industry, the small estate agency is in a perfect position to take advantage.

So how do you approach this as a new real estate business owner (with a small budget)?

Laser focus on local

One of the secrets is to remember that real estate is local. So are the relationships you build in your local community. Service is marketing, and the days of plastering your face on dustbins or billboards are perhaps not money best spent. You need to interact and track your ROI as best you can (imagine how difficult measuring this was 20 years ago with print).

Anything larger companies do on a national level, you can do better if you focus your efforts (read budget and time) in a smaller concentrated area. Use your magnifying glass and amplify your results. Take ownership and establish yourself as the online neighbourhood expert by producing frequent, local, online content. Don't expect instant results, it's a long term investment.

Local goes for branding too: you have a unique opportunity to set up a brand that resonates with your local community. If you've built up a great reputation through the years why not try to incorporate part of your own name as part of the branding, or local landmarks as part of your logo.

Forget Facebook

Attention shifts and there are lots of other platforms available that your competitors probably don't focus on. Too many agents focus on Facebook alone.. it's pretty saturated with boring posts of new property listings that fail to reach any audience other than fellow agents. Talk to your customers.

Invest and understand the power of other platforms like TikTok, Instagram, Twitter and LinkedIn. Yes, there is a world outside Facebook. Talk to people, don't use a firehose approach with your posts and be consistent by showing up regularly and not once a month. Don't outsource, stay authentic.

Use speed to your advantage

Most smaller (independent) real estate agencies are free from bureaucracy and are agile enough to implement new tools quicker and easier than their larger counterparts. With freedom of choice (so many platforms available!), less red tape for approval, and less time required to try out different tools with a smaller team, it provides the perfect ecosystem for innovation within your company. You need to remember that everyone is different, a tool that works well for one company may not be a perfect fit for the next. Test and see what sticks best with your team.

In a fast-changing world, this is a competitive advantage. Experiment and fail fast. Don't over plan.

Find your frequency

Real estate is full of cookie-cutter salespeople and businesses. You need to find your unique selling proposition and stand out. You need to dial into the frequency of a "subset" of buyers and sellers and work from there. I call this, "finding your frequency". It's even more critical to find team members who share your frequency so you speak with one voice.

Improved communication

As a small company, communication is a lot easier compared to your larger counterparts. I understand this well at Entegral, and we intentionally keep our team as small as possible.

Good communication solves problems and builds culture. It is also the catalyst for promoting transparency and a great way to kill inter-office politics that wastes your time.

Extend that good communication model and personal touch to your customers and always keep them in the loop. (Note to self).

2nd mover advantage

Elon Musk didn't invent the electric car, many before him have tried and failed. When a competitor launches a unique business model or service, see it as an opportunity to investigate and learn. "How can I improve on that?". Combine ideas and create something brand new.

Choose the right suppliers

The wrong suppliers and partners can slow you down. You will only be as quick as your slowest connection. Let that sink in. This is why I avoid most partnerships and investors - I want to run at my pace and not jump at every opportunity. Own your calendar.

What's stopping you from starting your own real estate business?

Do you need someone's approval? You may wait forever for the "perfect time" to launch. Perfection can kill your great idea. The best time to start your business is now. Start with the basics and learn along the way and understand that you probably won't be an instant success. Unicorns are rare. We live in a culture with a lot of expectations for getting successful quick. Don't waste time over planning and end up failing to launch. If it doesn't work out, learn, rinse and repeat.

If you are ready to launch, talk to me, let me connect you with our team or let's test your business ideas. We have some pretty rad real estate platforms that can help build your dream. My door is open and would love to listen.